VOL. 111 | NO. 28 | Tuesday, February 11, 1997
Equity Inns Inc
Equity Inns Inc., a hotel real estate investment trust that owns premium brand, limited-service and extended-stay hotel properties throughout the United States, announced that it has completed the private placement of $88 million in commercial mortgage bonds issued in three classes and priced at an average interest rate of 7.22 percent for a term of 10 years. All three classes were rated investment grade by Fitch Investors Service Inc. The bonds are secured by first priority mortgage liens on 23 hotel properties. The financing helped the company fix the rate on a major portion of the debt of its capital structure, company officials said. The company plans to use the net proceeds to pay down its line of credit, which will give it about $90 million in borrowing capacity for additional acquisitions, officials said.
The Memphis Area Association of Realtors is sponsoring a course Feb. 19-20 titled "Building Wealth Through Residential Real Estate Investments." The class will be offered from 8:30 a.m. to 5 p.m. at MAAR headquarters, 6393 Poplar Ave. The instructor will be Frank Kowalski, president of Metro-Dade Realty Inc. The course covers fundamental investment concepts, the positioning of homes as investments and aspects of tax law. The course is one of eight real estate courses developed by the Residential Sales Council, and it applies toward the certified residential specialist designation. To register, call Angela Rogers at 685-2100.
The Construction Specifications Institute will meet Feb. 20 at Andertons restaurant, 1901 Madison Ave. The meeting will be a roast for the organizations past presidents. Networking begins at 5:30 p.m. The cost is $12 per person. For reservations, call Pam Davidson at 454-4671.
The Commercial Investment Real Estate Institute and Memphis Area Association of Realtors will offer CI 101, "Financial Analysis for Commercial Investment Real Estate," from 8:30 a.m. to 5 p.m. Feb. 24-28 at 6393 Poplar Ave. The cost is $745 for candidates and $845 for noncandidates. For more information, call Margaret Burrows at 685-2100.